Mixed-Use Building with
For Sale
$699,000
1324 Corlies Avenue, Neptune, NJ 07753
Commercial Sale, Neptune Township, NJ
Property Size2,782 SF
Lot Size0.18 Acres
Price / SF$251.26
Days on Market226
Property Features for 1324 Corlies Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking features
Parking Lot
Basement
Partial
Directions
Rt 35 to Corlies Ave
Standard status
Active
APN
35-00515-0000-00005
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
10072
Utilities
Sewer type
Public Sewer
Heating system
Steam
Water source
Public
Building Details
Floors in Building
2
Building materials
Aluminum Siding
Roof type
Shingle
Listing Agency:
Ward Wight Sotheby's International Realty
(732) 775-8500
Listed By:
Joseph Scheeler · License #0562643
(201) 679-7614
Added: Jan 20
Changed: Sep 2
Last Checked: Sep 3 at 7:06AM
MLS# 22601909
Copyright © 2026 More MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property has an estimated 2,782 square feet and is undergoing renovation, with framing installed and portions of the plumbing and electrical work completed. The prior layout combined a two-family residence with retail space at ground level. A previous concept contemplated three residential units above retail or office space on the first floor, but completion of construction and all required permits, approvals, and zoning compliance remain the buyer’s responsibility. The building also offers basement storage, aluminum siding, steam heat, a shingle roof, public water, and public sewer.
The parcel measures approximately 50' x 161' and includes a large parking lot behind the building. The property is near Route 35, with access to Route 18 and the Garden State Parkway. Jersey Shore University Medical Center and the Ocean Grove and Asbury Park beach areas are also identified in the surrounding context.
The parcel measures approximately 50' x 161' and includes a large parking lot behind the building. The property is near Route 35, with access to Route 18 and the Garden State Parkway. Jersey Shore University Medical Center and the Ocean Grove and Asbury Park beach areas are also identified in the surrounding context.
Key Highlights
- Estimated building size of approximately 2,782 square feet
- Lot measures approximately 50' x 161'
- Renovation underway with framing and partial plumbing/electrical work completed
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$42,782
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.12%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$855,640
$855.6K
Cap Rate 7%
$611,171
$611.2K
Cap Rate 9%
$475,356
$475.4K
Market Conditions
NOI Build-Up for 2,782 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$83.5K $30.00/SF
− Vacancy
−$5.7K −$2.04/SF
EGI
$77.8K $27.96/SF
− OpEx
−$35.0K −$12.58/SF
NOI
$42.8K $15.38/SF
Area
Monmouth County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$855,640
Cap Rate 7%
$611,171
Cap Rate 9%
$475,356
Alternative Uses
Best Use
Apartment 5plus
$611.2K
$534.8K – $713.0K
NOI $42,782 @ 7.0% cap · market cap 6.12%
Second Best
Retail
$567.3K
$496.4K – $661.8K
NOI $39,708 @ 7.0% cap · market cap 5.68%
Theoretical Best
Office A
$726.4K
$635.6K – $847.5K
NOI $50,851 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,378
Businesses Nearby
Explore this area
Business Placement
Demographics for 07753, NJ
37,397
Population
16,701
Households
2.2
Avg Household Size
45
Median Age
37%
College-Educated
93%
High-School Grad
16.0 sq mi
ZIP Area
2,337
Density / Sq Mi
$92,824
Median Household Income
$49,953
Median Earnings
$1,740
Median Rent
$390,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovation is underway on a building with basement storage and a rear parking lot near Route 35.
Where is this mixed-use property located?
The property is located at 1324 Corlies Avenue Neptune, NJ.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Estimated building size of approximately 2,782 square feet; Lot measures approximately 50' x 161'; Renovation underway with framing and partial plumbing/electrical work completed
